Two-Unit Duplex with
New
For Sale
$450,000
2928 N Downer Ave, Milwaukee, WI 53211
Two separately entered units offer flexible living space, basement storage, and an upper-level office or flex area.
Property Size3,134 SF
Price / SF$143.59
Days on Market3
Property Features for 2928 N Downer Ave
General Information
Standard status
Active
Size
3,134 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
full basement
walk-up attic
separate front entrances
office/flex space
Building Details
Year Built
1923
Buildings
1
Listing Agency:
Renard Realty
Listed By:
Shane Renard - Principal Broker Owner · License #9057962
(920) 606-4436
Source:
Renardrealtygroup
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 17 at 2:13AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Renard Realty
Investment Insights
Based on property information with market context.
Built in 1923, this 3,134-square-foot duplex contains two separate residential units, each arranged with 2 bedrooms, 1 bath, living space, and dining space. The upper unit adds an office or flex room, while a full basement and walk-up attic provide additional storage and utility. Separate front entrances and rear access support distinct unit circulation.
The property is located at 2928 N Downer Ave in Milwaukee's East Side, near UWM, restaurants, shopping, and parks. The sale is offered in as-is condition, with 72 hours allowed for binding acceptance.
The property is located at 2928 N Downer Ave in Milwaukee's East Side, near UWM, restaurants, shopping, and parks. The sale is offered in as-is condition, with 72 hours allowed for binding acceptance.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bath in each unit
- 3,134 square feet; built in 1923
- Upper unit includes an additional office or flex space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,525
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$630,500
$630.5K
Cap Rate 7%
$450,357
$450.4K
Cap Rate 9%
$350,278
$350.3K
Market Conditions
NOI Build-Up for 3,134 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$47.0K $15.00/SF
− Vacancy
−$2.0K −$0.63/SF
EGI
$45.0K $14.37/SF
− OpEx
−$13.5K −$4.31/SF
NOI
$31.5K $10.06/SF
Area
Milwaukee, WI
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$630,500
Cap Rate 7%
$450,357
Cap Rate 9%
$350,278
Alternative Uses
Best Use
Multifamily LT 5
$450.4K
$394.1K – $525.4K
NOI $31,525 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$417.0K
$364.9K – $486.5K
NOI $29,190 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$753.1K
$659.0K – $878.7K
NOI $52,719 @ 7.0% cap · market cap 11.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
901
Businesses Nearby
Explore this area
Business Placement
Demographics for 53211, WI
36,327
Population
16,346
Households
2.2
Avg Household Size
29
Median Age
74%
College-Educated
98%
High-School Grad
4.0 sq mi
ZIP Area
9,082
Density / Sq Mi
$76,206
Median Household Income
$40,214
Median Earnings
$1,225
Median Rent
$413,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately entered units offer flexible living space, basement storage, and an upper-level office or flex area.
Where is this duplex located?
The property is located at 2928 N Downer Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bath in each unit; 3,134 square feet; built in 1923; Upper unit includes an additional office or flex space
